09.11.202314:58 Forex Analysis & Reviews: Technical analysis on Oil for November 9th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Blue lines- Fibonacci retracement level

Oil price is trading around $75.96 after making a low yesterday around $74.95. Price seems to have stopped the decline, at least briefly, at the 61.8% Fibonacci retracement level. As we mentioned in previous posts, the 61.8% retracement is key Fibonacci support. Price action confirms this as the steep decline seems to have at least paused. The RSI has still not reached oversold levels. At the 61.8% retracement we usually see trend reversals. We are also approaching the end of the trading week so it will not be a surprise to at least see a bounce in Oil price from current levels. Technically trend remains bearish.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.